Colorado boardrooms lack Latino representation, new report finds

Latino voices are largely absent from boardrooms of Colorado's leading public companies, according to a new report provided first to Axios Denver.

Why it matters: Companies with diverse boards and inclusive policies often perform better financially , innovate more and keep employees longer , research shows.

• While Latinos are the second-largest ethnic group nationwide and represent about 22% of Colorado's population , they are often excluded from decision-making positions, which can lead to blind spots and failure to resonate with the Latino community.

By the numbers: As of mid-July, 4% of board seats across 123 of Colorado's publicly traded companies were held by Latinos, according to a new analysis by the Latino Corporate Directors Association, a group that advocates for Latino representation in corporate America.

• Only 1.3% of Colorado's public company board seats are held by Latinas.

What they're saying: Shareholders and corporations in Colorado must ensure their boards mirror the diversity of their broader communities, LCDA talent director Tracy Michelle León tells us.

• If a board does not fully represent the community's stakeholders, "How can it have full representation when it's missing a critical viewpoint?"

Zoom in: Seven Colorado companies are leading the way with two or more Latinos on their board, according to LCDA's report. They include:

• Pilgrim's Pride, Frontier Group Holdings, Ball Corporation, Century Communities, Newmont Corporation, SM Energy Company and Summit Materials.
• Ninety-four publicly traded companies in Colorado have no Latino representation at the highest level, the report found.

The big picture: Nationwide, just 4.7% of Fortune 500 board seats were held by Latinos, according to the latest data from Deloitte.

• By 2060, representation is projected to barely surpass 9%, according to Deloitte.

What's next: LCDA leaders suggest companies that say they can't find qualified Latinos should look to organizations that are nurturing the pipeline.

• That includes the Association of Latino Professionals For America (ALPFA) or theBoardlist , which has a talent-search tool that highlights people of color.